EcoCash growth slows down in Q4

By Staff reporter | 21 Mar 2019 at 09:32hrs
According to Potraz fourth quarter F18 report, there was a slowdown in the growth of EcoCash, a mobile money service, while there was an overall decline in the number of mobile money transactions in the telecommunications sector.  The number of transactions fell 7.3% in 2018.

EcoCash active subscribers were near flat with a growth of 0.7%, Telecash also gained a marginal 1% while One Money showed the biggest growth of 32%. EcoCash remained the dominant player with 95.4% of the market.

Active mobile money subscriptions grew 35% to 6.352 million in 2018 while the country's liquidity challenges saw the total value mobile transactions rise significantly. The fourth quarter saw growth of 1.6% in active subscriptions, with OneMoney capturing the majority of the new business.

Overall the market structure of the mobile money sector remained relatively unchanged.

The Econet linked EcoCash service remains dominant with 95.4% of the market, NetOne's OneMoney holds 3.8% and Telecel's Telecash has 0.8%. The lack of interoperability between the mobile wallet services can be expected to see EcoCash maintain its position as the dominant service.



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